Graduate Students

A relationship you can trust.

At HUECU we pride ourselves on being the financial institution that serves the entire Harvard community. Delivering a wide range of cost-effective products and services through the most progressive delivery channels available in the industry, we succeed by providing quality financial services that meet the needs of our members. We’ve brought this same singular focus to student lending—helping you finance a higher education without a higher price tag.

Key Features

Deferment of payments while enrolled in Harvard University program

No co-signer required (having a qualified co-signer will reduce the interest rate)

Funds are disbursed directly to the student’s account at the school

Final disbursement amount will be certified by the Financial Aid Office

Program Terms

Program features a 0.25% interest rate reduction for enrollment in automatic payment deductions.
Variable origination fee of 4% for international loan program. The origination fee is equal to 4% of the amount disbursed and will be added to the loan amount at time of disbursement. For example, if the international graduate student requests $10,000 to be disbursed on their behalf to Harvard University, the origination fee will be $400 and the total loan amount will be $10,400.

Initial fixed rate of 5.00% for 60 months after the first disbursement, thereafter it is variable and at Prime + 1.75%

Without Co-Borrower

Initial fixed rate of 5.50% for 60 months after the first disbursement, thereafter it is variable and at Prime + 2.25%

Program features a 0.25% interest rate reduction for enrollment in automatic payment deductions.
The Harvard Graduate Student Loan Program has no origination fee.

Your funding on your Harvard University Graduate Student Loan is granted and held by the not-for-profit, member owned, Harvard University Employees Credit Union.

With the repayment of the program, you pay the same amount every month for the period between potential interest rate changes for the duration of the repayment period. If the interest rate increases or decreases, your monthly payment amount adjusts accordingly in order to ensure the loan is fully paid over the remaining repayment period.

No prepayment penalty
There is no penalty for prepayment. Any additional monies can be applied to the principal balance of the loan. The loan must be paid in U.S. dollars.

Pay via TravelEx/Western Union. You can make your payment in your currency of choice (over 25 current options available) which will then be converted to U.S. dollars. The exchange rate is valid for 72 hours from the initiated transaction. There are NO transaction charges from TravelEx, though you may be charged a fee by your local bank.

Pay by mail. Make check payable to HUECU and include your account number or borrower number on your payment or include the payment stub. Checks and money orders from a U.S. bank in U.S. dollars are accepted.

Additional Information

General Questions

Who is eligible?

Financing is available for both international and U.S. domestic Harvard University graduate school students are eligible to apply for these programs.

Domestic Students: U.S. citizens and permanent residents attending an eligible Harvard University program. Proper documentation is required, including a valid U.S. passport, social security card, and/or alien registration form.

International Students: International Harvard University graduate school students attending an eligible Harvard degree granting program qualify for this custom loan solution. Proper documentation is required. Documentation may include a F-1 Visa and I-20 (and valid passport with photo) or J-1 Visa and Form DS-2019 (and valid passport with photo).

If you are a post-graduate student, we offer a post-grad loan tailored for your needs.

How much can I borrow?

The total amount Harvard graduate students can borrow is dependent the on cost of attendance, individual Harvard school limits, and the school certification. The University will certify the requested loan amount with the Credit Union. Please select your school in the right sidebar to review any special requirements or loan limits.

Who may co-borrow?

A co-borrower is a person who signs the Promissory Note to help enable a Borrower to qualify for the Loan. The co-borrower is also obligated to the debt. To qualify, a co-borrower must be a U.S. citizen or permanent resident and meet credit score criteria. With automated payment and after 48 consecutive monthly on-time payments, a co-borrower may request to be released from the loan. However, the release is subject to the credit-worthiness of the primary borrower. Having a co-signer on loan may also increase the student’s eligible borrowing amount.

What will my rate be?

You will be quoted a rate after you are approved for the loan.

You can lower your rate by 0.50% by applying with a qualified co-borrower. You can also earn an additional 0.25% rate discount by making automatic electronic payments during your repayment period.

NOTE: There is no obligation to take the loan once you apply and are approved. We encourage you to apply and evaluate your options before making a final decision.

How are rates determined?

The interest rates of both our domestic and international student loans are based on the Prime Rate (which can be found in The Wall Street Journal) but is also dependent on your credit and, if applicable, the credit of your co-borrower.

The variable interest rate on domestic student loans is reset quarterly if the U.S. Prime Rate changes.

How is the origination fee calculated?

The International Graduate Student Loan program has a four percent (4%) origination fee. The fee is equal to 4% of the amount disbursed and will be added to the loan amount at time of disbursement. For example, if the international graduate student requests $10,000 to be disbursed on their behalf to Harvard University, the origination fee will be $400 and the total loan amount will be $10,400.

There is no origination fee on domestic student loans.

Is a co-borrower required?

No. A co-borrower is not required.

Please note, however, that due to credit and income criteria, having a co-borrower could improve the chances for loan approval and also result in a lower interest rate. (A co-borrower is a person who signs the Promissory Note to help enable a Borrower to qualify for the Loan. The co-borrower is also obligated to the debt. To qualify, a co-borrower must be a U.S. citizen or permanent resident and meet credit score criteria. With automated payment and after 48 consecutive monthly on-time payments, a co-borrower may request to be released from the loan. However, the release is subject to the credit-worthiness of the primary borrower.)

What are the repayment terms?

Students may choose full deferment while in school or choose to make payments while enrolled. Any unpaid interest and/or fees will be capitalized and added to the principle as start of repayment. Once you complete your enrollment at Harvard, or after 4 years (whichever comes first), the repayment period of 15 years (180 months) begins.

How can I check on the loan balance and pertinent information?

When do I have to begin to repay the loan?

Your first payment will be due the earlier of six months after graduation from Harvard or 54 months from the first disbursement. Please refer to the promissory note for specific terms and conditions.

Can I make payments before the first payment is due?

You are welcome to make payments at any time. There is no penalty for prepayment.

How can I receive the 0.25% rate reduction for Auto Payment?

There will be an option to enroll for Auto Payment through the UAS website. Payment must come from a U.S. bank account.

Are payments required to be made in U.S. dollars?

Yes. All payments made to your student loan are required to be made in U.S. dollars. HUECU and the loan servicer, UAS, have established several programas to facilitate the payment process for international borrowers, including wire transfers, credit cards and Western Union. Additional information may be found online at the UAS website.

If I pay more than the minimim payment, what happens to the amount I pay over the required payment?

Anytime a payment is received by the loan servicer, it will first be applied towards any late fees; if there are any on the account, and then towards the outstanding interest. Once the outstanding interest is paid, any remaining funds go towards the principal balance.

Co-borrower not required but having a qualified co-borrower may result in lower interest rate. Co-borrower must be a U.S. Citizen and have a gross monthly income of $1,500 and meet minimum FICO score. Your starting interest rate will be determined after you apply.

Subject to credit approval.

Choose Your Program

Harvard Business School

Maximum loan amount is the cost of attendance less other aid received (not exceeding $75,000 annually)

Harvard T.H. Chan School of Public Health

Maximum loan amount is the cost of attendance less other aid received (not exceeding $75,000 annually)

If you have not already done so, and you are an international student, you must complete an HUECU Preliminary Loan Request Form to participate in this loan program; and have a confirmed award letter from Student Financial Services indicating the amount for which you are eligible and authorized to borrow. Click here to access appropriate forms: Preliminary Loan Request Form